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Question
Write the word / term / phrase which can substitute the following Statement.
A system of accounting which is not scientific.
Solution
Single entry system
Explanation: Single-entry system is an incomplete and unscientific system of accounting. Only personal and cash accounts are maintained under it. This system is mostly suitable for small-scale businesses with limited number of transactions. Moreover, there are no set rules prescribed for recording transactions under this system.
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RELATED QUESTIONS
Which accounts are normally kept under single entry system?
Answer the following question in one sentence only.
What is single entry system?
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Which type of transactions are recorded in Single Entry System?
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Why is it difficult to ascertain the correct profit or loss under Single Entry system?
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Which types of accounts are normally not kept under Single Entry System?
Write the word / term / phrase which can substitute the following Statement.
Name the method in which only cash and personal transactions are recorded.
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System of accounting normally suitable to small business organization.
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The accounting method in which profit is calculated by comparing opening and closing statements of affairs.
Select the most appropriate answer the alternatives given below and rewrite the Sentence.
Under Single entry System only _______________.
State True or False.
Single Entry System is based on certain rules and principles.
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Single Entry System is not useful for large business.
